A local developer is giving up on its planned $125 million retail redevelopment of the Hadley Township neighborhood, saying it could not come to agreement with some homeowners on purchase prices.
Rick Randall, Pace Properties Inc. senior vice president, said the company would not try to use eminent domain to force the reluctant property owners to sell.
Hadley Township is a historically African-American neighborhood that goes back decades. While some homeowners didn’t agree to the financial offers, a few with deep generational ties to the neighborhood didn’t want to sell at all, Randall said.
But Brentwood-based Pace did have agreements with about 70 percent of the 68 property owners, which includes commercial properties. Richmond Heights and Pace were mailing letters to residents on Friday to inform them that the developer was ceasing its effort. Read more on St. Louis Post-Dispatch.